Two members of Congress have revealed that high-level legislators are discussing putting together a package of cannabis proposals that could be enacted in a marijuana omnibus law this year. Furthermore, sources have revealed that these discussions cover a wide range of issues, not just the expungement and cannabis banking reforms that have been the crux of cannabis discussion in recent times.
The two Congressmen revealed that the discussions involve incremental reform and comprehensive cannabis legalization. Those in the know say that these discussions have the potential to result in actionable, bipartisan cannabis policy, a feat that has eluded Congress for decades.
Sources say legislators have discussed adding standalone language from cannabis bills that deal with issues such as research expansion, lack of veteran access to medical cannabis, drug-sentencing reform and granting the cannabis industry access to Small Business Administration (SBA) loan programs.
Senate Majority Leader Chuck Schumer, an outspoken supporter of cannabis reform, has been working on a broad cannabis legalization bill with his colleagues for the past couple of months and has regularly asked for input on the Cannabis Administration and Opportunity Act (CAOA). He is sponsoring the comprehensive legalization bill with Senate Finance Committee Chair Ron Wyden and Senator Cory Booker and is expected to officially file it this month after several delays.
News of the bipartisan cannabis package was first revealed by Representatives Dave Joyce and Ed Perlmutter during an International Cannabis Bar Conference. Perlmutter stated that his Secure and Fair Enforcement (SAFE) Banking Act would also be a part of the package.
He noted that members of Congress have been also interested in Joyce’s Harnessing Opportunities by Pursuing Expungement (HOPE) Act, which would provide local and state incentives to encourage the expungement of prior cannabis-related offenses, and proposals to expand cannabis research and grant war veterans access to medical marijuana.
Sources involved in the negotiations say that expungements, banking, veterans and research are just part of what is being discussed. However, they said that negotiations are still tentative and legislators haven’t yet reached a consensus.
One hot topic that is sure to be discussed is the industry’s lack of access to SBA loans and entrepreneurial programs. Even though cannabis businesses pay billions of dollars in taxes, federal law prohibits them from accessing any SBA programs.
Senator Jacky Rosen recently sent a letter to the head of the Small Business Administration urging the agency to expand access to businesses in the state-legal cannabis sector.
It remains to be seen whether this new flurry of activity will result in any meaningful policy changes that ease the operations of companies such as Advanced Container Technologies Inc. (OTC: ACTX).
NOTE TO INVESTORS: The latest news and updates relating to Advanced Container Technologies Inc. (OTC: ACTX) are available in the company’s newsroom at https://cnw.fm/ACTX
CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.
To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)
For more information please visit https://www.CNW420.com
Do you have questions or are you interested in working with CNW420? Ask our Editor
CNW420 is part of the InvestorBrandNetwork.